Professional Ethics Assignment (Doc)
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Added on 2020-10-05
Professional Ethics Assignment (Doc)
Added on 2020-10-05
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Professional Ethics
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. 1 Fundamental principles of ethical behaviour........................................................................11. 2 Relevant legal, regulatory and ethical requirements which affects accounting and financesector. ..........................................................................................................................................21. 3 Role of professional bodies in relation to accounting and finance sector.............................21. 4 Why individuals, organisations or industry sectors are expected to operate within codes ofconducts and practices.................................................................................................................31. 5 Risk of improper practice for an organisation and importance of vigilance.........................31. 6 Identify opportunities for maintaining an up to date knowledge of changes to codes ofpractice.........................................................................................................................................4TASK 2............................................................................................................................................42. 1 How to act ethically when working with clients, suppliers, colleagues and others..............42. 2 Importance of objectivity and maintaining a professional distance between professionalduties and personal life at all times..............................................................................................52. 3 Importance of adhering organisational and professional values, codes of practice andregulations....................................................................................................................................52. 4 Importance of adhering to organisational policies for handling clients’ monies..................52. 5 Circumstances when confidential information should be disclosed and who is entitled tothe information.............................................................................................................................62. 6 Importance of working within the limits and confines of one’s own professionalexperience, knowledge and expertise .........................................................................................63.1 Relevant authorities and internal departments to which unethical behaviour, breaches ofconfidentiality..............................................................................................................................63. 2 Appropriate action to take in instances when requests for work are beyond the employee’scompetence..................................................................................................................................73. 3 Identify inappropriate client behaviour and how to report it................................................73. 4 Internal and external reporting procedures which should be followed.................................73. 5 Strategies that could be used to prevent ethical conflict ......................................................7
4.1 Importance of an ethical approach to sustainability ............................................................84. 2 Responsibilities of finance professionals in upholding the principles of sustainability.......8CONCLUSION ..........................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONEthics refers to the philosophies which talks about what is right and wrong conduct. Theprofessional ethics comprises of personal and corporate standards of behaviour expected byprofessionals. These codes of professional ethics are set up by professional organisations in orderto help guide members in performing their job functions according to applied and consistentethical principles. To better understand this concept, Marks and Spencer, UK is being selectedfor this present report. There are different principles of ethical working which discussed in thisreport. The ethical behaviour which is required to deal with internal and external customers isexplained in this report. Apart from this appropriate actions which needs to be taken when anysuspected breaches of ethical codes and conducts. Finance professional has the ethicalresponsibilities in promoting sustainability which is also discussed in this report. TASK 11. 1 Fundamental principles of ethical behaviourFundamental principles of ethical behaviours allows a person to follow these principles inthere regular course of business or life in order to perform their tasks. There are variousprinciples which are discussed as below:Integrity:Integrity is a principle which talks about the honesty, fair and respectful to others. This isimportant to be straight forward to all professional and business relationship in order to maintaina smooth and long term relationship with people (Shani and Soskolne, 2013).Objectivity:The objectivity principles states that the biased behaviour should not be allowed andconflict of interest or undue influence of other to override professional or business judgementsshould not be allowed.Professional and technical competence and due care:It is important to maintain a professional knowledge and skill at the level required toensure that a client or employer gets competitive professional services based on currentdevelopments. Employees should be aware about legislation related to business so that they canserve better to client of M&S.Confidentiality:1
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